OPEC JMMC unlikely to recommend oil output changes - report

OPEC+ has been unpredictable so you can't take anything for granted but this adds to the argument for no move.

Here's what CIBC has to say about the JMMC meeting on Wednesday:

The consensus is that given the uncertainties of Chinese demand recovery and a global economic slowdown, JMMC is unlikely to recommend an OPEC+ policy change. OPEC+’s next ministerial conference is scheduled for June 2023. But if JMMC decides that a change in policy is required, it has the authority to call for a full meeting. OECD crude oil inventory continues to sit below the five-year average.